BAJET 2010
LEMBAGA HASIL DALAM
NEGERI MALAYSIA
1
BAJET 2010
© LEMBAGA HASIL DALAM NEGERI MALAYSIA
PART 4
AMENDMENTS TO
REAL PROPERTY GAINS TAX
ACT 1976
BAJET 2010
© LEMBAGA HASIL DALAM NEGERI MALAYSIA
2
Submission of Return
Current provision – sec 13
Disposer
• CKHT1 – within 1 month from date of disposal
Acquirer
• CKHT2 – within 1 month from date of disposal
Proposal
• CKHT1 & 2 – within 60 days from date of
disposal
wef 01/01/2010
3
Retain & Pay Part of Consideration
Current provision – sec 21B, 24, 52, 53 & 55
• acquirer – retain amount ≤ 5% from consideration
• DG – requisition to acquirer
– pay whole / part sum retained
– within time specified
Proposal
• acquirer – retain & pay to DG ≤ 2% from
consideration
– within 60 days from disposal date
– 10% increased for non-compliance
• requisition – not applicable
wef 01/01/20104
Chargeable Gains & Allowable Losses
Current provision – sec 7
Disposal of chargeable asset –
• tax relief = allowable losses @ appropriate rate
• deduction from total tax assessed
• unabsorbed tax relief – c/f
Proposal
• tax relief – replaced by allowable losses
• allowable losses – reduced from chargeable
gains
• unabsorbed allowable losses – c/f
wef 01/01/2010
5
Incidental Costs & Exemptions
Proposal
Incidental costs - subsubpara 6(c) Sch 2
• acquisition price excludes interest paid on
capital employed
Exemption for individuals – para 2, Sch 4
• Increased from RM5,000 to RM10,000 or
10% of chargeable gain; whichever is
greater
wef 01/01/20106
Savings & Transitional Provision
Proposal
Tax relief
• unabsorbed till YA 2007 (ending 31/03/07)
 deduction from total tax assessed
 from YA 2010 till fully utilized
wef 01/01/20107
Rates of Tax
Current provision – part 1, Sch 5
Category of Disposal
Rates of Tax
Current Proposal
Disposal within 2 years after the date of
acquisition
30%
30%
Disposal in 3rd year after the date of
acquisition
20%
20%
Disposal in 4th year after the date of
acquisition
15%
15%
Disposal in 5th year after the date
acquisition
5%
5%
Disposal in 6th year after the date
acquisition
Nil
5%
wef 01/01/2010 8
RPGT Exemption Order
Proposal
revoke P.U. (A) 146/2007
• disposal – on or after 01/01/10
• amount of chargeable gain exempt from tax:
A x C
B
A – chargeable gain @ appropriate rate –
chargeable gain @ 5%
B – chargeable gain @ appropriate rate
C – chargeable gain
wef 01/01/2010
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Chargeable Gains & Allowable Losses
Example 7 (refer Appendix 1)
YA 2010
RM
i) Consideration received
1,000,000
Deduct: renovation + incidental cost
261,400
Disposal price as at 10/02/2010
738,600
Less:
Consideration paid on acquisition + transfer
cost
Deduct: insurance compensation
1,024,000
(62,600)
Acquisition price as at 15/04/2005
(961,400)
Allowable losses c/f
(222,800)
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Chargeable Gains & Allowable Losses
YA 2010
RM
ii) Consideration received
(Disposal part of larger chargeable asset.
Sch. 4 exemption not given)
800,000
Deduct: incidental cost
(10,000)
Disposal price as at 10/08/2010
790,000
Less: acquisition price as at 15/04/2006
(600,000)
190,000
Less: allowable losses (restricted)
(190,000)
Chargeable gain (CG) to be taxed
Allowable losses c/f
Nil
(32,800)
11
Chargeable Gains & Allowable Losses
YA 2012
RM
Disposal price as at 30/04/2012
2,000,000
Less: acquisition price as at 16/04/2010
(1,000,000)
Gain
1,000,000
Less exemption: RM10,000 or 10% of CG (Sch. 4)
(100,000)
Chargeable gain
900,000
Less: allowable losses b/f
(32,800)
867,200
Less: amount of CG to be exempted [ EO – 3rd year @ 20%]
[(867,200 x 20%) – (867,200 x 5%)] x 867,200
(867,200 x 20%)
(650,400)
Chargeable gain to be taxed
Tax payable: 216,800 @ 20%
216,800
43,360
12
Certificate of Clearance
Current provision – sec 21A
• certificate issued – disposer & acquirer
• CKHT 4 – full payment on tax assessed
• CKHT 5 – not liable to tax
Proposal
• certificate of non-chargeability – disposer
• cases not liable to tax
wef 01/01/201013
Electronic Medium
Proposal – new sec 57A
Any prescribed form
• furnished via – electronic medium
– electronic transmission
• Condition & specifications - determined by DG
wef 01/01/201014
Admissibility of Electronic Record
Proposal – new sec 48A
• electronic medium – process where data, text,
images or any other information is stored,
received or communicated by electronic,
magnetic, optical, imaging or other data
processing device
• prescribed form/documents –transmit to DG by
electronic medium
• copy/print-out of electronic record – admissible
as evidence in court
wef 01/01/201015
TERIMA KASIH
BAJET 2010
© LEMBAGA HASIL DALAM NEGERI MALAYSIA
16